§ Mr. Marten
asked the Chancellor of the Exchequer whether it is proposed that any paying out from the EEC regional fund, when it is established, will be dependent upon the commencement of stage 2 of European monetary union, or upon Great Britain ending its floating exchange rate; and if he will make a statement.
§ Mr. Nott
It was agreed at the Paris summit that the Regional Development Fund would be financed from the Community's own resources from the beginning of the second stage of economic and monetary union. The summit also agreed that the second stage of economic and monetary union should begin on 1st January 1974 and the Council of Ministers will be considering later in the year the precise form that it should take.512W